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Premiere: subs re-stated, shares plunge, CFO quits

October 6, 2008

German pay-TV broadcaster Premiere's shares fell 60% as it announced losses, a subscriber number re-statement and revealed it is trying to restructure bank debt.Premiere said its chief financial officer, Alexander Teschner, had stepped down as it restated its customer numbers to be in line with other pay-TV companies, resulting in a 940,000 drop in the figure. The company said it expected EBITDA to show a loss of E40-70 million in 2008. The expected result excluded a possible one-time gain from further sales of broadcast rights for the 2010 soccer World Cup."As a result of the EBITDA outlook, Premiere has commenced discussions with its banks regarding a restructuring of debt facilities and is confident to reach an agreement," it said. The company said it was satisfied with the way the talks were proceeding and did not plan a capital increase. "We are conducting a thorough review of operations and are confident that this will result in a new strategic direction supported by a financially sound business plan for the future growth and profitability of Premiere," said CEO Mark Williams.

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